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ABBA First Mortgage News

Rates, on an average, hold steady from the week before

For the week ending July 29, Freddie Mac announced that 30-year fixed rates increased slightly to 2.80% from 2.78% the week before.  The average for 15-year loans fell slightly to 2.10% and the average for five-year ARMs fell to 2.45%. A year ago, 30-year fixed rates averaged 2.99%, .19% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac – “As the economy works to get back to its pre-pandemic self, and the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgage rates of all-time. Largely due to the current environment, the 30-year fixed-rate remains below three percent for the fifth consecutive week while the 15-year fixed-rate hits another record low.”

Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.

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